1. EARNINGS RELEASE
By: Expeditors International of Washington, Inc.
1015 Third Avenue, 12th Floor
Seattle, Washington 98104
CONTACT: R. Jordan Gates
Chief Financial Officer
(206) 674-3427 FOR IMMEDIATE RELEASE
EXPEDITORS ANNOUNCES RECORD QUARTERLY EARNINGS
SEATTLE, WASHINGTON – November 3, 1998, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today
announced record quarterly net earnings of $14,217,000 for the third quarter of 1998, compared with $11,777,000 for the
same quarter of 1997, an increase of 21%. Net revenues for the third quarter of 1998 increased 16% to $92,890,000 as
compared with $80,180,000 reported for the third quarter of 1997. Total revenues and operating income were
$289,675,000 and $22,273,000 in 1998 compared with $262,309,000 and $18,958,000 for the same quarter of 1997,
increases of 10% and 17%, respectively. Diluted net earnings per share for the third quarter were $.54 as compared with
$.44 for the same quarter in 1997, an increase of 23%. The company also reported that same store net revenues and
operating income increased 15 % and 18 %, respectively, for the third quarter of 1998 when compared with 1997.
For the nine months ended September 30, 1998, net earnings rose to $33,331,000 from $25,549,000 in 1997, an increase
of 30%. Net revenues for the nine months increased to $251,028,000 from $206,067,000 in 1997, up 22%. Total revenues
and operating income for the nine months were $754,994,000 and $51,291,000 in 1998 compared with $683,853,000 and
$40,355,000 for the same period in 1997, increases of 10% and 27%, respectively. Diluted net earnings per share for the
first three quarters of 1998 were $1.26 as compared with $.97 for the same period of 1997, an increase of 30%. Same store
net revenues and operating income increased 17% and 25%, respectively, for the nine months ended September 30, 1998
when compared with same period of 1997.
“These results reflect the fact that our employees remain committed to providing our customers with a quality of service
that is unmatched in the industry.” stated Peter J. Rose, Chairman and Chief Executive Officer. “Our business model
continues to provide a level of success that we believe cannot easily be equaled. Those who rely upon our performance
can be assured that we will not waiver in our approach and we will continue to focus only on those things that we can
control. Unfortunately, the performance of the stock market, our industry sector and our stock are not such items. In the
long run these things will take care of themselves and Expeditors is in this race for the long run.” concluded Rose.
Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained
professionals in 137 offices and 11 international service centers located on nine continents linked into a seamless
worldwide network through an integrated information management system. Services include air and ocean freight
forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international
logistics services.
Additional information is available upon request or via the Internet at http://www.expd.com.

2. Expeditors International of Washington, Inc.
3rd Quarter 1998 Earnings Release
November 3, 1998
Page 2 of 2
Expeditors International of Washington, Inc.
Financial Highlights
Three months and Nine months ended
September 30, 1998 and 1997
Unaudited
(in 000's except share data)
Three months ended Nine months ended
September 30 September 30
1998 1997 % 1998 1997 %
Increase Increase
262,309 10%
Revenues 289,675 754,994 683,853 10%
Net revenues 92,890 80,180 16% 251,028 206,067 22%
Operating income 22,273 18,958 17% 51,291 40,355 27%
Net earnings 14,217 11,777 21% 33,331 25,549 30%
Diluted earnings per .54 .44 23% 1.26 .97 30%
share
Basic earnings per share .57 .48 19% 1.35 1.05 29%
Diluted weighted average
shares outstanding 26,471,432 26,555,155 26,549,196 26,243,552
Basic weighted average
shares outstanding 24,924,638 24,437,949 24,693,992 24,371,419
ADDITIONAL FINANCIAL INFORMATION AVAILABLE UPON REQUEST
New Offices Opened in the 3rd Quarter of 1998
Far East Middle East
Manila, Philippines Dubai, U.A.E.
Tokyo, Japan
Osaka, Japan

3. 03-Nov-1998 Expeditors International of Washington, Inc. Additional Financial Information Page 3 of 4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
September 30, December 31,
Assets 1998 1997
(Unaudited)
Current assets:
Cash and cash equivalents $45,937 $42,094
Short-term investments 450 214
Accounts receivable, net 241,682 206,501
Deferred Federal and state taxes 2,224 4,296
Other current assets 10,927 6,399
Total current assets 301,220 259,504
Property and equipment, net 99,844 66,550
Deferred Federal and state taxes 2,395 1,930
Other assets 16,550 16,122
$420,009 $344,106
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings 26,365 2,145
Accounts payable 153,363 143,980
Income taxes 8,704 7,181
Other current liabilities 27,764 18,946
Total current liabilities 216,196 172,252
Shareholders' equity:
Preferred stock, par value $.01 per share.
Authorized 2,000,000 shares; none -- --
issued
Common stock, par value $.01 per share.
Authorized 80,000,000 shares; issued
and outstanding 24,634,441 shares at
September 30, 1998 and 24,546,380 at
December 31,1997 246 245
Additional paid-in capital 16,746 15,534
Retained earnings 190,834 159,225
Equity adjustments from foreign
currency translation (4,013) (3,150)
Total shareholders' equity 203,813 171,854
$420,009 $344,106
Certain 1997 amounts have been reclassified to conform to the 1998 presentation

4. 03-Nov-1998 Expeditors International of Washington, Inc. Additional Financial Information Page 4 of 4
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
1998 1997 1998 1997
Revenues:
Airfreight $182,798 178,158 481,962 470,060
Ocean freight and ocean services 70,595 52,128 170,510 134,006
Customs brokerage and import services 36,282 32,023 102,522 79,787
Total revenues 289,675 262,309 754,994 683,853
Operating expenses:
Airfreight consolidation 145,379 145,357 381,454 382,107
Ocean freight consolidation 51,406 36,772 122,512 95,679
Salaries and related costs 49,958 41,733 137,516 111,002
Rent 4,158 2,654 11,164 7,649
Depreciation and amortization 3,993 2,878 10,867 7,922
Selling and promotion 3,762 3,506 10,742 9,614
Other 8,746 10,451 29,448 29,525
Total operating expenses 267,402 243,351 703,703 643,498
Operating Income 22,273 18,958 51,291 40,355
Interest expense (79) (146) (181) (224)
Interest income 481 420 1,540 1,519
Other, net ** (91) (179) 566 (171)
Other income, net ** 311 95 1,925 1,124
Earnings before income taxes 22,584 19,053 53,216 41,479
Income tax expense 8,367 7,276 19,885 15,930
Net earnings $14,217 $11,777 $33,331 $25,549
Diluted earnings per share $0.54 $0.44 $1.26 $0.97
Basic earnings per share $0.57 $0.48 $1.35 $1.05
Diluted weighted average shares outstanding 26,471,432 26,555,155 26,549,196 26,243,552
Basic weighted average shares outstanding 24,924,638 24,437,949 24,693,992 24,371,419
** Nine month figure includes $928,000 gain on sale of facility which occurred in April of 1998
Certain 1997 amounts have been reclassified to conform to the 1998 presentation